ANZ exits; NAB to bid again for AXA AP
The National Australian Bank is still keeping its fingers crossed on its $13 billion deal for AXA Asia Pacific after the Australia and New Zealand (ANZ) Bangking Group made its final exit.
Disregarding opinions and suggestions from the US and Australian investors that ANZ is a good combination for AXA AP on its wealth management operation, the ANZ said it did not anticipate a battle between NAB and AMP Limited.
Mike Smith, chief executive of ANZ, admits that the board of AXA AP welcomed the company's approach to strike a better deal than Australian Mutual Provident (AMP). However, he said that ANZ is not interested to make the bid.
ANZ's response gives NAB a chance to strike a deal with the Australian Competition and Consumer Commission. Neither Commonwealth Bank nor Westpac expressed their interest to bid for AXA AP.
After its first taste of rejection by the ACCC, the bank will have to seek another approval on its deal that focuses on the retail investment platforms used frequently by the wealth management industry, and its MLC businesses.
The NAB may try to seek common ground with the ACCC over the terms of ownership and operation of platforms for a joint venture of MLC-ACA.
Still, there was no word if NAB will opt for another approach to the regulator. The bank has another four weeks to reach a decision on whether to pursue the deal.
Meanwhile, AMP will try for bid on the third try after its unsuccessful approach with the competition regulator.
AMP was rejected twice despite the higher terms offered than NAB.